The global wood and laminate flooring market size is expected to reach USD 90.46 billion by 2025, expanding at a CAGR of 5.3%, according to a new report by Grand View Research Inc. Factors such as the natural look and feel offered by solid wood flooring coupled with the growing need for aesthetic improvements in the construction interiors is likely to augment the growth.
Solid wood flooring is commercially available in various wood species, patterns, and designs, thus is gaining traction in high-end construction applications. Engineered wood flooring is composed of multiple wood layers and can provide look and feel similar to solid wood floors. Durability, high-gloss and colored and textured finishes of laminate floors are some of the properties expected to drive the growth.
Improved acoustics, combined with ease of refinishing over a period of time are the major contributing factors for the growing demand for solid wood floorings. The pricing structure varies according to the wood species used. However, high cost associated with solid wood flooring is anticipated to divert the consumer base toward laminated variant.
The market is characterized by several multinational and a large number of domestic players engaged in the production and distribution of wood flooring. Prominent market players focus on providing installation and maintenance services to the customers to sustain in the highly competitive industry.
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Further key findings from the report suggest:
- Wood flooring segment is expected to expand at the fastest CAGR of 5.5% over the forecast period owing to the product properties that result in the superior aesthetics in residential and commercial building interiors
- Residential flooring application for wood and laminate flooring dominated the market with a share of 70.11% in 2018 and is anticipated to witness a considerable CAGR owing to increasing construction of single-family and multi-family structures
- The revenue for laminate flooring in North America stood at USD 3.48 billion in 2018 and is likely to register notable growth over the forecast period on account of growing trend of using wood-like flooring available at lower cost
- Europe accounted for the a revenue share of 40.3% in 2018 owing to the abundant availability of varied wood species and a wide acceptance of the products to prevent cold temperature
- In November 2017, Mohawk Industries, Inc. acquired Godfrey Hirst Group. This acquisition enhanced Mohawk’s products reach and geographical presence, especially in Australia and New Zealand